COMPANY PROFILE / iPS CELLS & REGENERATIVE MEDICINE
Century Therapeutics
A company that makes islet cells, T cells and NK cells from iPS cells, and has restarted around islet cells for type 1 diabetes
Century Therapeutics is an iPS cell and cell therapy company in the sense used in this series. It makes several genetic modifications to human iPS cells (its own "Allo-Evasion" edits, designed to avoid rejection) and, from them, makes pancreatic islet beta cells, T cells and NK cells. In 2025 it narrowed the clinical trials it was running itself, cut its workforce by about 51% in July, and in November put CNTY-813, an islet cell product for type 1 diabetes, at the head of its pipeline. A private placement in January 2026 raised about US$126.4 million, and cash and investments stood at US$197.2 million at the end of June 2026. This profile sets out what it makes, whom it works with, how far it has got and what remains unconfirmed, using only the company's statutory filings and ClinicalTrials.gov.
- Century Therapeutics in 30 seconds, and where it stands in iPS cells and regenerative medicine
- The logo and how the name is written
- Where the company sits in iPS cells and regenerative medicine
- Scale
- Resources committed to iPS cells and regenerative medicine
- Track record so far
- Plans ahead
- What the company is aiming for in iPS cells and regenerative medicine
- Partnership map for iPS cells and regenerative medicine
- Technology, products and services on offer
- The risks this company carries
- Glossary, references and claim-to-source audit
1. Century Therapeutics in 30 seconds, and where it stands in iPS cells and regenerative medicine
Pennsylvania, U.S.Manufacturing site in Branchburg, New Jersey
T cells and NK cellsOff-the-shelf (allogeneic). Edits to avoid rejection are added
"iPS cell companies" in this field include those that make heart muscle or nerve cells and those that make immune cells. Century Therapeutics says that it sits close to both: it makes pancreatic islet beta cells (the cells that produce insulin) and immune cells (T and NK cells) from the same "iPS cell factory" Sourced. As of its 2025 Form 10-K, however, it had no active company-sponsored clinical trial. It previously ran its own CNTY-101 trials, including ELiPSE-1 and CALiPSO-1; this is a statement about its current pipeline, not its entire history. The NK cell product CNTY-101 is being used in autoimmune disease in an investigator-initiated trial led by a university (CARAMEL), while the islet cell product CNTY-813 and the T cell product CNTY-308 have not yet received clearance to begin clinical trials Sourced.
2. The logo and how the name is written
A note on names: the legal entity is Century Therapeutics, Inc., a Delaware corporation. "CNTY-101", "CNTY-813" and "CNTY-308" are development code names, not the names of approved drugs. FUJIFILM Cellular Dynamics (FCDI) is a separate company, a partner that supplies iPS cell technology and manufacturing. Clade Therapeutics, acquired in 2024, was a company with iPS-derived T cells.
Official site: https://www.centurytx.com/3. Where the company sits in iPS cells and regenerative medicine
Even among cells derived from iPS cells, cells that replace tissue (pancreatic islet beta cells) and cells that attack (T cells and NK cells) differ in aim and in how safety is thought about. Handling both is Century's distinguishing feature, but in November 2025 the company's priorities were reordered to put islet cells first. Related ideas are covered in our explainers on iPS cells, cell therapy for diabetes, iPS-derived immune cells, MHC and universal donors, cell manufacturing and cell banks, and bioreactors.
4. Scale
This is a clinical-stage company, so the figures to watch are R&D spending and cash on hand rather than sales Sourced. Amounts are in US dollars.
| Metric (US$ million) | FY2024 (year to December 2024) | FY2025 (year to December 2025) | January to June 2026 |
|---|---|---|---|
| Revenue (collaboration income from Bristol Myers Squibb) | 6.6 | 109.2 | 0 |
| Research and development expense | 107.2 | 95.7 | 36.7 |
| Net income (loss) | (126.6) | (9.6) | (56.2) |
| Item | Detail | As of |
|---|---|---|
| Cash and investments (cash and investments) | US$117.1 million | 31 December 2025 |
| Net proceeds of the January 2026 private placement | About US$126.4 million (US$126.7 million in the 10-K) | January 2026 |
| Cash and investments (cash and investments) | US$197.2 million (cash 49.6, investments 147.5) | 30 June 2026 |
| Funding outlook (company) | Expected to fund operations into Q1 2029 | 10-Q |
| Employees | 78 (36 in R&D) | 1 March 2026 |
| Net equity raised since founding | About US$792 million | 10-Q |
The FY2025 revenue of US$109.2 million is the remainder of previously deferred contract revenue, booked in one go because the agreement with Bristol Myers Squibb ended in March 2025 Sourced. It is not product revenue, and it is the reason the net loss was held to US$9.6 million. In January to June 2026 there was no revenue and the net loss was US$56.2 million. Please note that this figure (derived from an operating loss of US$60.2 million and interest income, among other items) swings widely depending on whether revenue is booked Our calculation.
5. Resources committed to iPS cells and regenerative medicine
We give amounts only where they have been disclosed, and write "not confirmed" where they have not.
| Type of resource | Detail | Category |
|---|---|---|
| People | 78 employees (1 March 2026), 36 of them in R&D. About 51% were cut in July 2025 (Form 8-K) | Sourced |
| Research and manufacturing sites | Headquarters in Philadelphia (leased to March 2034). Its own GMP manufacturing facility of about 53,000 square feet in Branchburg, New Jersey (operating since 2022, leased to February 2037). A lease in Watertown, Massachusetts. Seattle was terminated at the end of 2025 and Boston in January 2026 | Sourced |
| Money: R&D expense | US$95.7 million in FY2025 (US$107.2 million the year before). US$36.7 million in January to June 2026 | Sourced |
| Money: manufacturing capital expenditure | The amount of capital expenditure has not been confirmed for this article (the 10-K says it will continue to invest in its own facility) | Not confirmed |
| Manufacturing | Makes clinical supply of CNTY-101 in its own facility. Obtained a QP declaration for EU clinical supply in February 2025. Part of clinical supply is made by FCDI (Wisconsin) | Sourced |
| In-licensing from outside | iPS cell reprogramming and differentiation patents and know-how from FCDI (September 2018). Through Clade, a GMP-grade iPS cell line derived from human cord blood from Catalent Düsseldorf (milestones of up to US$20.43 million) | Sourced |
| Outside investments and acquisitions | Acquired Clade Therapeutics on 11 April 2024 (3,741,646 shares issued; iPS-derived αβ T cells) | Sourced |
| Tie-ups with pharmaceutical companies | The agreement with Bristol Myers Squibb (January 2022; US$100.0 million upfront and a US$50.0 million equity purchase) ended on 12 March 2025. Bayer holds a right of first refusal (ROFR) over some NK cells, macrophages and others | Sourced |
| Universities and research institutions | Professors Schett and Mackensen of the University of Erlangen-Nuremberg (Germany) lead CARAMEL, the investigator-initiated trial of CNTY-101 | Sourced |
| Public funding and grants | The 10-K lists no national or state grants | Not confirmed |
According to the 10-K, islet cells are made through multi-step differentiation in which growth factors, cytokines and small molecules are added in stages, scaled up in suspension culture in bioreactors and made cryopreservable. It explains that immune cells (T and NK cells) are made in a process that uses no feeder cells (feeder-free) Sourced. On the materials side, what matters is the quality and lot-to-lot variation of the growth factors and small molecules used to drive differentiation, the bioreactors and vessels used for suspension culture, and the cryopreservation medium and post-thaw viability. The company says it is "evaluating cryopreservation across the whole supply chain, from modification to administration" Sourced. The specific materials and conditions are not disclosed, so this is a general discussion Not yet confirmed.
6. Track record so far
The timeline is limited to what we could confirm in statutory filings and ClinicalTrials.gov.
| When | What happened | Why it matters |
|---|---|---|
| September 2018 | Licence agreement with FUJIFILM Cellular Dynamics (FCDI) on iPS cell differentiation and reprogramming (2,980,803 shares issued to FCDI at the reorganisation) | Licensed in the foundational iPS cell technology |
| June 2019 | Option agreement with Bayer on NK cells, macrophages and dendritic cells (amended February 2021) | Granted a right of first refusal (ROFR) |
| January 2022 | Collaboration agreement with Bristol Myers Squibb. US$100.0 million upfront and a US$50.0 million equity purchase. US$10.0 million paid to FCDI as consideration for an amendment | Joint research for AML and multiple myeloma |
| January 2023 | Started the Phase 1 trial ELiPSE-1 of CNTY-101 (NCT05336409) | For B-cell malignancies. Later ended (28 patients enrolled) |
| 11 April 2024 | Acquired Clade Therapeutics | Gained iPS-derived αβ T cell technology |
| December 2024 to March 2025 | BMS gave notice of termination (12 December); the agreement ended on 12 March 2025 | The end of a major partnership |
| February 2025 | Started CALiPSO-1, a Phase 1 trial of CNTY-101 in autoimmune disease (NCT06255028). Obtained the EU QP declaration | Used cells made in its own facility |
| July 2025 | Cut about 51% of its workforce (Form 8-K; decided by the board on 1 July) | Concentrated on priority programmes |
| November 2025 | Prioritised the islet product CNTY-813 and the T cell product CNTY-308. Concentrated CNTY-101 in the investigator-initiated trial CARAMEL | Narrowed the trials the company leads itself |
| December 2025 | Researchers presented early CARAMEL data | The figures appear only as charts in the 10-K and are not transcribed here |
| January 2026 | Private placement with net proceeds of about US$126.4 million (common stock, pre-funded warrants and common warrants) | Extended funding into Q1 2029 |
| June 2026 | Presented preclinical data on CNTY-813 (normalised blood glucose in diabetic model mice). Returned one floor in Philadelphia | The company says the manufacturing process was reproduced in three batches |
7. Plans ahead
The company describes CNTY-813 as a therapy that aims to "transplant islet beta cells and, through edits that avoid rejection (Allo-Evasion 5.0), keep blood glucose under control without long-term immunosuppressants". In preclinical work it reports keeping normal blood glucose for more than four months in immunodeficient diabetic mice (an animal result, not an effect in humans) Not yet confirmed.
None of the following is stated in the primary sources Not yet confirmed.
When the CNTY-813 trial will start and how many patients it will enrol; the final results of CARAMEL; the date of the first CNTY-308 dosing; the timing of any approval; the expected price; and manufacturing capacity (doses per year). This article does not assert timing such as "approval will come at X".
8. What the company is aiming for in iPS cells and regenerative medicine
This chapter includes points the company does not state directly. We set out inferences that can be read from the primary sources, together with the grounds for each.
| What can be read from the sources | Primary-source basis | Category |
|---|---|---|
| The centre of gravity of the business has shifted from immune cells to islet cells (type 1 diabetes) | The November 2025 reprioritisation. CNTY-813 comes first; as of the 2025 Form 10-K, no company-sponsored trial was active. The January 2026 placement proceeds are also directed to CNTY-813 | Inference |
| Development of CNTY-101 has changed to a form that leaves it to a university's investigator-initiated trial instead of using the company's own funds | CARAMEL is led by the University of Erlangen-Nuremberg. The company's own ELiPSE-1 has ended and CALiPSO-1 has stopped new enrolment | Sourced |
| It is keeping manufacturing in-house and being selective about partnerships | The policy is to make its Branchburg facility the main manufacturing site for CNTY-813 and CNTY-308. Strategic collaborations are to be "evaluated selectively" | Sourced |
| Backing from big pharma has become limited | The partnership with BMS ended in March 2025. The 10-K describes no partnership bringing large outside funding at present | Inference |
| 2027 is a year for early data, not a year for approval | Initial clinical data for CNTY-813 are expected in the second half of 2027 | Inference |
The 10-K states that the end of the BMS partnership came when BMS, after prioritising its internal portfolio, gave notice of termination without cause Sourced. After that, the company cut its workforce by about 51% in July 2025 and reordered its priorities in November. We read this as the company having, after losing a major partnership, conserved cash and concentrated on the islet programme, the one with the greatest value if it succeeds. This is not the company's explanation but an interpretation drawn from the order of events. The January 2026 placement extended its funding, but the outcomes of the trials are not yet known Not yet confirmed.
9. Partnership map for iPS cells and regenerative medicine
10. Technology, products and services on offer
There are no products yet. What the company offers is its development candidates, which are islet cells, T cells and NK cells derived from iPS cells, and the way it makes them Sourced.
| Programme | Cell type | Target | Stage (as of August 2026) |
|---|---|---|---|
| CNTY-813 | iPS-derived islet (beta) cells | Type 1 diabetes | IND-enabling studies. IND filing planned for Q4 2026 (in development) |
| CNTY-308 | iPS-derived CD4/CD8 αβ T cells (targets CD19) | Diseases involving B cells | IND-enabling studies. Aims to enter the clinic in 2026 |
| CNTY-101 | iPS-derived NK cells (CD19 CAR, six gene modifications, safety switch) | Autoimmune disease (SLE, lupus nephritis, myositis, systemic sclerosis) | Investigator-initiated trial CARAMEL (Phase 1/2) under way. The company's own CALiPSO-1 (NCT06255028) stopped new enrolment at 6 patients |
| CNTY-101 (oncology) | Same as above | B-cell malignancies | ELiPSE-1 (NCT05336409) ended (28 patients enrolled) |
What is Allo-Evasion?
It is a proprietary combination of genetic modifications meant to keep cells from another person from being detected and eliminated by the patient's immune system after infusion. The company explains that it uses "Allo-Evasion 1.0", designed against three rejection routes (T cells, NK cells and antibodies), in CNTY-101, and "Allo-Evasion 5.0" in CNTY-813 and CNTY-308 Sourced. For CNTY-813, the combination shown is CD300a to avoid attack by NK cells, the enzyme IdeS to degrade antibodies, and deletion of MHC. All of these are designs based on preclinical results, and whether they avoid rejection in humans has not been confirmed.
The company says it designed its own 53,000-square-foot facility as "multi-product, able to make any cell type" Sourced. On the materials and process side, quality depends on the differentiation media, management of the master cell bank, suspension-culture equipment and the cryopreservation medium. The company lists as a risk that the manufacture of related raw materials depends partly on outside CMOs. The specific materials and suppliers are not disclosed Not yet confirmed.
11. The risks this company carries
| Risk | Details | Category |
|---|---|---|
| Clinical stage | As of the 2025 Form 10-K, no company-sponsored trial was active, although Century previously ran CNTY-101 trials and supports the investigator-initiated CARAMEL study. Its two lead programmes have not yet entered human trials | Sourced |
| Loss of a major partnership | The partnership with BMS ended in March 2025. For now there is no partnership bringing outside funding | Sourced |
| Funding and dilution | The January 2026 placement came with pre-funded warrants and common warrants, which could dilute future share ownership | Sourced |
| Uncertainty over rejection avoidance | Allo-Evasion is a preclinical design, and whether it avoids rejection in humans is unconfirmed | Sourced |
| Reliance on patents and licences | The iPS cell foundation depends on the licence from FCDI. FCDI can terminate the agreement if certain development deadlines are not met | Sourced |
| Shrunken organisation | Rebuilding after a cut of about 51% will require hiring. One executive (the CSO) moved to part-time in June 2026 | Sourced |
| Competition | The 10-K names many competitors, including autologous, allogeneic and islet-replacement approaches | Sourced |
| Concentration of focus | A failure of the islet programme would have a large effect on the whole company | Inference |
12. Glossary
- iPS cell
- A pluripotent stem cell made by reprogramming a body cell, which can multiply almost without limit.
- Beta cell (islet cell)
- A cell in the islets of the pancreas that produces insulin. In type 1 diabetes it is destroyed by the immune system.
- Allo-Evasion
- Century's proprietary technology. A combination of genetic modifications that makes cells from another person less likely to be eliminated by the patient's immune system.
- Off-the-shelf (allogeneic)
- A model in which cells are made in advance from healthy donors or from an iPS cell line.
- CAR-iNK / CAR-iT
- iPS-derived NK cells or T cells given a receptor (CAR) that recognises a target.
- Master cell bank
- A frozen store of a cell line whose quality has been checked, from which cells are repeatedly manufactured.
- Investigator-initiated trial (IST)
- A clinical trial run by a university or physicians, not by a pharmaceutical company.
- SLE / lupus nephritis
- An autoimmune disease in which the immune system attacks the body's own tissues, and its kidney manifestation.
- IND
- Investigational New Drug application. The filing made to the FDA to begin a clinical trial in the U.S.
- ROFR
- Right of first refusal. The right to be offered terms before negotiations with any third party.
- Warrant
- A right to buy shares at a set price in the future. When exercised, the number of shares increases.
- GMP
- Good manufacturing practice. Standards for the manufacture and quality control of medicines, required even for clinical trial supply.
13. References
- Century Therapeutics Form 10-K for the year ended December 2025 (filed with the U.S. SEC on 12 March 2026). Business description, pipeline, partnerships, finances, employees, manufacturing and facilities. https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm
- Century Therapeutics Form 10-Q for the quarter ended 30 June 2026 (filed with the U.S. SEC on 12 August 2026). Timing of the CNTY-813 IND, cash balance, the January 2026 private placement and finances. https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm
- Century Therapeutics Form 8-K (filed 7 July 2025). The decision to cut the workforce by about 51%. https://www.sec.gov/Archives/edgar/data/1850119/000110465925066091/tm2519717d1_8k.htm
- Century Therapeutics Form 8-K (filed 8 January 2026). The January 2026 private placement (common stock, pre-funded warrants and common warrants). https://www.sec.gov/Archives/edgar/data/1850119/000110465926001952/tm262422d2_8k.htm
- U.S. National Library of Medicine ClinicalTrials.gov NCT06255028 (CNTY-101, Phase 1 trial CALiPSO-1 in autoimmune disease). https://clinicaltrials.gov/study/NCT06255028
- U.S. National Library of Medicine ClinicalTrials.gov NCT05336409 (CNTY-101, Phase 1 trial ELiPSE-1 in B-cell malignancies, ended). https://clinicaltrials.gov/study/NCT05336409
- Century Therapeutics Official website (used to check the logo and company overview). https://www.centurytx.com/
14. Claim-to-source audit
| Claim in the article | Category | Source |
|---|---|---|
| Legal name (Century Therapeutics, Inc.), head office location (Philadelphia), Nasdaq listing (IPSC) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| 78 employees (1 March 2026), 36 of them in R&D | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| The July 2025 decision to cut about 51% of the workforce | Sourced | Reference 3 https://www.sec.gov/Archives/edgar/data/1850119/000110465925066091/tm2519717d1_8k.htm |
| Facilities (Philadelphia, Branchburg, Watertown, and the terminations in Seattle and Boston) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| Revenue, R&D expense and net income or loss (FY2024 and FY2025), and the one-time recognition of BMS contract revenue | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| R&D expense for January to June 2026, cash and investments of US$197.2 million, and the funding outlook (Q1 2029) | Sourced | Reference 2 https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm |
| The January 2026 private placement (number of shares, price, net proceeds, warrants) | Sourced | References 2 and 4 https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm https://www.sec.gov/Archives/edgar/data/1850119/000110465926001952/tm262422d2_8k.htm |
| Cash and investments of US$117.1 million at the end of December 2025 | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| The acquisition of Clade Therapeutics (11 April 2024) and the iPS cell line licence from Catalent | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| The agreement with BMS (US$100.0 million upfront, US$50.0 million equity purchase) and its end on 12 March 2025 | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| The licence and manufacturing agreements with FCDI, and the option agreement with Bayer | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| Its own 53,000-square-foot manufacturing facility and the EU QP declaration (February 2025) | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| Preclinical data for CNTY-813, the IND timing (Q4 2026) and initial clinical data (second half of 2027) | Sourced | References 1 and 2 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm |
| CNTY-308 IND-enabling studies and the expectation of entering the clinic | Sourced | References 1 and 2 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm https://www.sec.gov/Archives/edgar/data/1850119/000110465926094523/ipsc-20260630x10q.htm |
| CARAMEL for CNTY-101 (led by the University of Erlangen-Nuremberg) and the release of data | Sourced | Reference 1 https://www.sec.gov/Archives/edgar/data/1850119/000110465926026759/ipsc-20251231x10k.htm |
| The CALiPSO-1 trial (Phase 1, started February 2025, 6 patients enrolled) | Sourced | Reference 5 https://clinicaltrials.gov/study/NCT06255028 |
| The ELiPSE-1 trial (Phase 1, started January 2023, 28 patients enrolled, ended) | Sourced | Reference 6 https://clinicaltrials.gov/study/NCT05336409 |
| Start date and size of the CNTY-813 trial, final CARAMEL results, manufacturing capacity, price and timing of approval | Not yet confirmed | Not stated in the primary sources. This article does not estimate them |
| The amount of capital expenditure, and national or state grants | Not yet confirmed | Not confirmed for this article. This article does not assert that they do not exist either |
| The reading that the centre of gravity has shifted to islet cells | Inference | This article's interpretation of the November 2025 reprioritisation and the use of the placement proceeds |
| The reading that backing from big pharma has become limited | Inference | This article's interpretation of the end of the BMS partnership and the absence of any new large partnership in the filings |
| The reading that 2027 is a year for early data, not for approval | Inference | This article's interpretation of the timing given for clinical data |
| The risk that, because of the concentrated focus, a failure of the islet programme would have a large effect | Inference | This article's own interpretation |
| The calculation of the net loss for January to June 2026 (operating loss and interest income) | Our calculation | This article's calculation from the operating loss of US$60.2 million and interest income of US$4.0 million in the 10-Q |
| Materials challenges around media, suspension culture and freezing | Not yet confirmed | A general discussion in this article. The company has not disclosed its control values |
Last updated 1 October 2026 / Troy Technical
Every figure in this article comes from the statutory filings Century Therapeutics has made with the U.S. Securities and Exchange Commission (SEC) and from ClinicalTrials.gov. No research-firm estimates or press-based figures have been used. Passages marked "Inference" are this article's interpretation of the primary sources, not statements made by the company. This article does not recommend any particular treatment and is not medical advice.